US Economy Shrinks In First Quarter Of 2022
The United States economy shrank at a 1.5% annual rate during the first quarter of 2022, according to a new report from the Bureau of Economic Analysis. The poor numbers were the worst since Gross Domestic Product (GDP) fell by 31.2% in the second quarter of 2020 due to lockdowns put in place during the beginning of the COVID-19 pandemic. The 1.5% reduction was also worse than the 1.3% Dow Jones estimate and worse than the originally reported 1.4%. “Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022,” the report states.